category: Unregulated Brokers

Is ItradeFXoption Scam or Legit Broker?

No, it is not safe to trade with ItradeFXoption. The broker doesn't provide any information about the company behind the brand's name as well as any regulatory information and contact details. This is actually a big red flag, as well-regulated brokers always provide information about their regulations, licenses, and locations. 

What is ItradeFXoption?

ItradeFXoption offers Forex, CFDs, and Cryptocurrency trading and claims to be the safest and the best trading platform. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The website itself doesn't look attractive and professional and also the content has some grammar mistakes.

• We also revealed that ItradeFXoption denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

ItradeFXoption Review Conclusion

We advise all investors and traders to avoid ItradeFXoption and other unregulated brokers. The lack of information about the broker's regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

ItradeFXoption Update

Our research revealed that the ItradeFXoption website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is 70Trades Scam or Legit Broker?

According to our research, it is not safe to trade with 70Trades. 70Trades is owned by Commodius FX Ltd. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

• Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to register online, prove initial establish capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, Wigmarkets, and more.
• As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 70Trades?

70Trades is an offshore Forex broker. Its traders can choose from a large list of Stocks, Commodities, Currencies, and Indices. Among attractive broker’s offerings, are also the 24 hours a day customer service, user-friendly platforms, and multilingual support: English, Arabic, and Spanish. They claim to provide an easy withdrawal process, online trading courses, market news and updates, professional analysis, training sessions for each level, and webinars with investors from all around the world. However, all these benefits and pros do not guarantee the safety of funds and other issues during trading.

• There is also a group of companies Wanakena Ltd. behind the brand's name. It claims to be registered in Cyprus by the Cyprus Securities and Exchange Commission (check the CySEC-regulated TriumphFX Review), however, it is not overseen by this or any other reliable regulator and therefore, is not allowed to provide financial services. We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedback from traders about their negative experience with 70Trades. You can read the feedback here.

Overall 70Trades Ranking 

Based on our 70Trades research, we do not rank positively 70Trades.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

• 70Trades Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

70Trades Alternative Brokers

Based on the research we conducted, we revealed many issues concerning the safety and reliability of 70Trades, thus here we offer much better Alternatives to 70Trades with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

• XM– Good for Beginner Traders
• FP Markets – Good for CopyTrading
• XTB – Good for CFDs trading

70Trades in India

70Trades has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, so money safety may be the issue here.

70Trades in the USA

The United States is one of the countries that is not accepted by 70Trades. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for IronFX, you are only permitted to trade with the U.S-regulated platforms.

Deposits & Withdrawals

70Trades provides a variety of deposit methods to make funding your account as easy as possible (Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and Webmoney). The withdrawal process has also been simplified for traders' convenience. 

• 70Trades clients can open an account with only an initial deposit of $200 and start trading immediately. Accounts at 70Trades are denominated in US Dollars, so all trading deposits are going to be converted into the base currency of the client’s trading account (US Dollars).
• In case of the absence of any activity for a period of at least three (3) months, 70Trades reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.

Rollover Fee is charged at 0.02% of the overnight exposure on CFDs (Indices, Currencies, Stocks, and Commodities) and 0.50% on CFDs (Cryptocurrencies) due to high volatility.

Apps

70Trades offers a mobile platform to its traders. With the new technology that the mobile brings plus their advanced and responsive mobile platform traders can open trading positions anytime, anywhere. The platform is user-friendly and gives access to market analysis. It is also suitable for Apple and Android.

Demo Account

70Trades does not offer a demo account. 

70Trades Conclusion

Based on the issues we revealed on 70Trades mainly concerning its lack of regulations and safety, we strongly advise choosing only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

• Overall ranking and experience for 70Trades is Negative

Is Capital Hall Scam or Legit Broker?

No, it is not safe to trade with Capital Hall. Capital Hall is owned by Capital Tech Ltd. which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium, and more.

What is Capital Hall?

There is another company behind the brand's name, Pbox Ltd., registered in Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.
Moreover, the broker has recently been blacklisted by the Central Bank of Ireland:
"The Central Bank of Ireland (‘Central Bank’) today, 18 February 2019, published the name of an unauthorized investment firm, Capital Hall/Capital Tech Ltd (Marshall Islands) – https://capitalhall.com. Capital Hall/Capital Tech Ltd (Marshall Islands) is not authorized to provide investment services in Ireland."

• We have also found out that Capital Tech Ltd. operates a few other brokers that were blacklisted by several regulators. Previously reviewed PBNTrade and PBNInvest that were blacklisted by the Austrian FMA.

Capital Hall Review Conclusion

We advise all investors and traders to avoid Capital Hall and other brokers from the Marshall Islands. Although not all offshore brokers are scams, there is still a big chance that you are risking your capital by signing in with an offshore broker. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Capital Hall Update

Our research revealed that the Capital Hall website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is K2 Wall Street Scam or Legit Broker?

K2 Wall Street is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is K2 Wall Street?

The broker is owned and operated by the K2 WALL STREET CO LIMITED and claims to have offices in London, UK, and New York, USA. According to the website, K2 WALL STREET CO LIMITED is an investment company whose activities are regulated and authorized by the UK jurisdiction SIC 66110 (Administration of financial markets) by the number of the certificate 11426191 (Companies House) is located in London, Great Britain.

• However, the Administration of financial markets is not the regulator that approves licenses for Forex brokers in the UK, it is the task of the Financial Conduct Authority. It turned out that K2 WALL STREET CO LIMITED is not licensed by the FCA, nor by any other authority.
• Moreover, this same regulator, Financial Conduct Authority, has recently issued a warning against K2 Wall Street:
  "This firm (K2 Wall Street) is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."
  In addition, the company provides false information on the website regarding its numerous awards (like Best Broker 2016, Forex Broker Firm of the Year 2017, etc), which are fake.

K2 Wall Street Review Conclusion

Considering the above, we highly recommend avoiding K2 Wall Street and selecting a decent and licensed broker instead. Signing in with an unregulated or offshore broker is risky and the biggest red flag in Forest trading. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

K2 Wall Street Update

Our research revealed that the K2 Wall Street website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is CapitalFXclub Scam or Legit Broker?

No, it is not safe to trade with CapitalFXclub. CapitalFXclub is owned by Pro Capital which claims to be located in the United Kingdom. However, all the financial companies located in the UK should hold an FCA license, which is not the case with CapitalFXclub. According to the website, PRO CAPITAL provides premium-quality commodities and Forex trading services, which have fulfilled the commodities trading needs of clients since the creation of the company in 2013. 

What is CapitalFXclub?

CapitalFXclub offers a wide variety of commodities and Forex products to its customers. The broker doesn't provide any information about its regulation and it seems that it is not overseen by any authority. In addition, Italy's regulator CONSOB has issued a warning against CapitalFXclub:
"The National Commission for Companies and the Stock Exchange has ordered the discontinuation of the infringement of art. 18 of the Consolidated Law on Finance, consisting of the provision of unauthorized investment services and activities to the Italian public, implemented via capitalfxclub.com"

• In addition, despite its London location, the contact phone number is Italian, which is a sign that the company has been targeting Italian residents.

CapitalFXclub Review Conclusion

In conclusion, we advise avoiding trading with CapitalFXclub even though their offering might seem competitive and attractive. Safety of funds always goes first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

CapitalFXclub Update

Our research revealed that the CapitalFXclub website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is Worldwide CapitalFX Scam or Legit Broker?

No, it is not safe to trade with Worldwide CapitalFX. Worldwide CapitalFX is owned by Algobit Ltd. which is an offshore company registered in Seychelles.

• Seychelles is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Hugo's Way, AG Capitals, and more.

What is WorldWide CapitalFX?

WorldWide CapitalFX (CapitalFX) claims to be an online binary option (Check US Regulated Binary Options Brokers), cryptocurrencies, Forex, and Contracts for Difference trading platform provider. The broker claims to be located in the USA and even provides the registration number with IBC. However, the company is not authorized to provide financial services in the USA or any other company.

• Moreover, several regulators have warned the public against Worldwide CapitalFX:
  CySEC, February 11, 2019:
  "The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the worldwidecapitalfx.com, does not belong to an entity which has been granted authorization for the provision of investment services and/or the performance of investment activities."
• Also, the is a warning from the British Columbia Securities Commission (BCSC):
  "We recently became aware of CapitalFX and that it had solicited a British Columbia (BC) resident to trade with the company. CapitalFX is not registered to trade in, or advise on, securities or exchange contracts in BC."

CapitalFX Review Conclusion

We advise all investors and traders to avoid Worldwide CapitalFX and other brokers from Seychelles. Remember that it is not safe to sign in with an offshore broker, as they do not provide a sufficient level of reliability and safety. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

Worldwide CapitalFX Update

Our research revealed that the Worldwide CapitalFX website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is TradeInvest90 a Scam or Legit Broker?

No, it is not safe to trade with TradeInvest90. TradeInvest90 is owned by Celestial Trading Ltd. which is an offshore company registered in Seychelles.

• Seychelles is notorious for its easy process of financial or investment firm establishment, through a very low list of requirements, small budgets, and what is more crucial no strict overseeing of the brokers’ operation or history. Therefore, it became an offshore zone for shady forex brokers such as AG Capitals, Swift Bit Options, and more.

What is TradeInvest90?

TradeInvest90 offers a wide range of different assets including Forex, CFDs, stocks, bonds, futures, indices, as well as crypto. According to the terms and conditions on the website, all the payments are processed by CELTIC PAY LTD., based in the United Kingdom, however, the broker is not authorized to provide financial services in the UK. Also, the broker claims to be licensed and regulated by the Montenegro security exchange commission, which is a false claim.

• Moreover, TradeInvest90 has been blacklisted by the Austrian FMA:
  "Celestial Trading Ltd / Tradeinvest90 is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others."

TradeInvest90 Review Conclusion

We advise all investors and traders to avoid TradeInvest90 and other brokers from Seychelles. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Tradeinvest90 Update

Recently TradeInvest90 website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals. 

Is ADN Markets Scam or Legit Broker?

No, it is not safe to trade with ADN Markets. ADN Markets is owned by ADN Markets Ltd. which is an offshore company registered in St. Vincent and the Grenadines.

• However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. 

What is ADN Markets?

According to the website, ADN Markets is a member of the International Financial Commission (FinaCom), as they mention the registration number. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can't provide necessary protection to the client.

• From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their businesses. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• ADN Markets offers forex, indices, commodities, stocks, and also cryptocurrency trading. The website provides two contact numbers with the country codes of the UK and Spain, which means the broker has been targeting the residents of those countries. However, ADN Markets is not regulated by local authorities in either the UK or Spain, or actually any other country.
• Moreover, the broker has been blacklisted by Spain's CNMV.
• The pages and official sources of the international regulators’ list alert are shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and the general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities, and more. As Forex Birds got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

ADN Markets Review Conclusion

We advise all investors and traders to avoid ADN Markets and other brokers from St. Vincent and the Grenadines. Offshore brokers are not always reliable and investing with them might put the traders' investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

ADN Markets Update

Our research revealed that the ADN Markets website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is Hugo’s Way Scam or Legit Broker?

It is not safe to trade with Hugo's Way, as it is unregulated. Hugo’s Way is owned by Hugo’s Way Limited which is an offshore company registered in St. Vincent and the Grenadines. 

• However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements to the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation.

What is Hugo's Way?

Hugo’s Way offers forex currency pairs, indices, commodities, stocks, and also cryptocurrency trading. It claims to offer a new level of trading and is able to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with true ECN connectivity. Hugo’s Way offers a wide variety of instruments, including 24/7 trading on 35 Cryptocurrency Pairs with leverage of up to 1:100. 

Based on the provided information on the broker’s website, the company is in the process of applying for a license, however, for now, it remains unregulated. As proof, the website states that Hugo’s Way is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation, therefore any of the statements about True ECN or quality trading can not be proved since Broker is never checked by serious audit  Regulators usually do 

Overall Hugo's Way Ranking 

Due to the regulation and safety issues, we found during our research of Hugo’s Way, we do not rank positively Hugo’s Way, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Hugo’s Way Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Hugo's Way Alternative Brokers

We found that Hugo's Way has a lot of issues, mainly in respect of its safety and customer care. Thus, here are much better Alternatives to Hugo's Way with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• Dukascopy – Excellent for Shares, Futures Trading
• AvaTrade – Good Instrument and CopyTrading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Hugo's Way in India

Hugo’s Way has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Hugo's Way in the USA

The USA is not on the restricted list of the Broker himself, which means the broker accepts US residents. However, as per U.S law, brokers regulated by CFTC are the only brokers allowed and safe for USA traders. So, in other words, the Hugos Way doesnt follow the US regulatory advise and may be suspended at any times, meaning US traders are only permitted to trade with U.S-regulated trading platforms besides trading with Offshore and non-regulated firms is never advised due to high risks of scam too.

• There are also countries the broker does not accept client from including: Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Democratic Republic of Congo(DPRK), Democratic Republic of Congo(Republic of Zaire), Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

Hugo's Way Deposit & Withdrawal

The minimum Hugo's Way deposit is $50 via Credit/Debit Card and $50 via BitCoin and $10 via VLoad. They are constantly adding new funding sources. The minimum withdrawal amount is $10. There are NO fees to withdraw the funds, however, the additional profits will incur withdrawal fees depending on the additional withdrawal method.

Apps

Hugo's Way gives a trading opportunity by staying up to date with the latest market events with MT4 mobile trading. Smartphone and tablet-optimized, MT4 mobile supports all trading functions and comes equipped with broad analytical capabilities featuring technical indicators among other graphical objects. The broker's availability is 24 hours, from any spot worldwide. The app is supported by iOS and Android OS, it has a full set of trading orders as well as analytics and technical indicators.

Demo Account

Hugo's Way offers unlimited MT4 Demo Accounts to its clients. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market.

Hugo's Way Review Conclusion

Overall, the company's offering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading. Besides, we do not recommend signing in with Hugo's Way as the broker is not regulated by serious regulators like FCA company.

Since the capital and the security of the investors’ funds is a primary goal, it is advisable to choose among well-regulated companies that hold all necessary licenses such as Pepperstone with authorized operations and great customer support. 

• Overall ranking and experience for Hugo's Way is Negative